Where to Start if you Want to Start a Business in Minnesota

track meet.jpgRunning a small business is something countless Minnesotans dream of. Many even have ideas or products that could support a new venture already. However, it can be easy to get stuck at this dreaming stage if you are unsure what to do with your ideas.

To make your dream a reality, you need to take action. This typically starts with creating a business plan. Your business plan clarifies your goals and lays out the foundation for the business, which is critical in assessing strategies and attracting investors or clients. In this post, we will look at some basic elements of a business plan, as well as what you can do to move your ideas forward.

What your plan should include

When you create your business plan, you should include details on:

  • The product or service you plan to provide
  • Anticipated costs and budgets
  • Where you plan to operate the business
  • Staffing needs
  • The relevant industry and competitors
  • Your intended client base
  • Business name

Resources online from organizations like the Minnesota Department of Employment and Economic Development can help you organize your information and put it into a proper format.

What to do next

After you have a plan in place, or even while you are creating your plan, you should think about what type of legal entity will be most advantageous to your business. Should it be a sole proprietorship, a limited liability company, a corporation, or something else? The chosen legal entity will affect numerous aspects of your company, including but not limited to liability and taxes, so it is important to weigh the choices carefully and discuss the legal requirements and implications of each option with a legal representative.

With your business plan complete and your business type selected, you can be well positioned to open the company you dreamed of.

Of course, this post provides a very broad look at the very beginning stages of forming a business in Minnesota. For more individualized guidance, you can discuss your specific plans and strategies with a legal representative who can help you navigate the legal and professional challenges of this exciting, but complicated, process.